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about there. how are defense stocks reacting to the 22% reduction in defense spending by the government in the fourth quarter? jane wells has details in l.a. jane? >> tyler, defense spending down. after reporting descent guidance and returning lots of cash to investors, saying quote i can't recall a time of greater uncertainty. raising guidance but none of the companies are factoring in possibility within extra half trillion in cuts kicking in in march. pentagon spending, as you can see, never 22%. cuts included 43% cuts to ships. 90 percent in weapons support. but look, 64% jump in missile spending. good for lockheed and raytheon. we have an attack inside syria. expecting international sales to grow over 10% this year. but book it bill is quote under tremendous pressure. anything close to 1 is concern. it is hard it kre re krut quality talent to build the best weapons system in the world with this budget uncertainty. sue? >> thank you very much, jane. >>> breaking news right now, another auction, 7 seven-year n, hi, hick. >> 2s and 5s had b after average. on 7s, 1.416. where is the w-i
things will get tougher? we know that we're garnishing defense cuts coming. we know that the fourth quarter was weak because everybody was in lockdown moved. do you want to lighten up on stocks, or not? >> may have a few little bumps in the road. frankically i welcome government spending cuts. i think that would be very positive long term. when you look at way from the government and look at what companies are doing, company results. global competitiveness, hard to get discouraged especially when they are cash flow yields. the opposite of the pes are really better than what you would get in the bond market with the 7% earnings yield. you don't have to think long to know that that's the place to real put your money. >> rick santelli, how do you think this plays out? >> i think belt-tightening is good. we can't artificially try to get rid of all of the hiccups. the recessions and the turndowns. i think we need to let the capital get reallocated by the private sector, and i do think the tax increase -- you know, think back to candidate romney. he said if you let these taxes go up you'l
years, evenly split between domestic and defense or nondefense and defense. would that be such a bad thing or should financial markets and others watching this program say, that's okay. we can take those cuts. >> it is not so much a bad thing, it is a stupid thing. what they sr mindless senseless akos the board guts in areas we don't have to focus on right now. what we need to focus on are the entitlement programs on the cut side. and besides, no business guy watching this show ever balances their budget by making across the board cuts. they go in and make cuts where you least adverse effect on productivity. that's what we are not doing. we are just doing stupid easy stuff. >> senator, on entitlements, what exactly do you want to see done? people -- mitt romney ran your party's nominee last year, ran saying we need to shift to a system where we pay per person. obama called it a voucher. are there other things we should do? >> i tell you, 18 years in the senate, we tried desperately to do something with healthcare. we had a good bipartisan group. we met once a week. and the reality is
no alternatives. >> house budget committee chairman paul ryan warning big spending cuts will kick in with defense being hardest hit. stick around. but we can still help you see your big picture. with the fidelity guided portfolio summary, you choose which accounts to track and use fidelity's analytics to spot trends, gain insights, and figure out what you want to do next. all in one place. i'm meredith stoddard and i helped create the fidelity guided portfolio summary. it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. olaf gets great rewards for his small business! pizza! [ garth ] olaf's small business earns 2% cash back on every purchase, every day! helium delivery. put it on my spark card! [ pop! ] [ garth ] why settle for less? great businesses deserve great rewards! awesome!!! [ male announcer ] the spark business card from capital one. choose unlimited rewards with 2% cash back or double miles on every purchase, every day! what's in your wallet? and having an investment expert like northern trust by your side makes all
with the gdp number? the gdp number was caused by the government spending, specifically defense spending. >> which was deficit spending, printing press! >> steve, you're absolutely wrong there. >> what does it have to do with the printing presses? >> what i'm saying part of it, you can't blame it all on government spending. >> yes, i can, as a matter of fact. i can blame it on inventory from government spending. >> hold on. >> would you be willing to admit that the foundation of the economic recovery thus far has been housing and that the fed by its policies of late have at least somewhat helped the recovery in housing which has helped the overall economy which has helped the stock market go up. >> what recovery? we're at a negative gdp. >> it hasn't helped housing but it's about to. >> a recovery in housing. let's at least establish that. >> you're saying leading the economy is housing. housing is doing better, but the economy is -- we have a negative print on the numbers. >> that's the best strategy. don't look at the details. only look at the top line and take it at face value. that's
spending on defense really collapsed and helped bring down yesterday's gdp. >> yes, it did. >> so all the liberals are saying see, we told you so, if you cut spending, you're going to ruin the economy. do you believe that? >> no, not at all. government spending is taxation. milton always said it. the government redistributes resources. you can see it really clearly. two-person world, farmer a and farmer b, if farmer b gets unemployment benefits, who do you think pays for them, farmer a? you know, government spending is taxation. the reason we have the great recession is because of the government spending, not in spite of it. >> follow-up. it would be bullish for economic growth. >> yes, it would. >> but this is the argument i get. it shows up as a negative in the gdp accounts. at least some of it. >> you're right. >> so what do you do? do you just go on ahead and cut government spending? and let the gdp accounts do what they're going to do? >> the gdp accounts will grow better doing that. that's just the direct effect of spending there. but imagine if we had 100% of gdp on government
got, defense hawks on the republican caucus that are concerned on the impact on the military we all are. and that is why we have proposed election that have replaced some of that spending cuts in the budget. but to your point, we have to stay committed and that is that we are going to reduce spending. we need to honor the american taxpayers deserve that. >> just as a last thought. we are five months into this deal. we are going to do march first. that is $24 billion lower in spending cuts. it seems to out of a $3.8 trillion budget you are down to 55 or $60 billion and most of that is slower growth rates. it seems to me everybody is cross the board can take that and the american public can see that we are not greece. >> the democrats want to do this with tax increases but that doesn't solve the problem. we know we have a spending problem and we need to honor the commitment that was made to the american people and we now need to tackle, we have to reform the programs social security and medicare and medicaid and others. we need to do it here and i believe republicans in the senate and
inventories or like defense. >> well, it was government also. >> government, right, defense. if you look at business investment and construction and consumer expenditures it was actually quite positive. now, it's going to be very difficult to trade these markets on one job report. for the last couple of years we've heard every reason why investors should not be in these markets, whether it was the election, the fiscal cliff, et cetera. at the end of the day companies continue to be in reasonably good shape. earnings continue to be okay. stocks remain reasonably priced. stocks are very cheap to bonds, and this is the beginning of a long great rotation out of bonds and into equities. >> not a lot of alternatives by the way. >> not a lot of alternatives. >> you don't think that the markets are going to be as kind to a second straight report indicating weakness in the economy. >> yeah, maria. certainly if the jobs report comes in a little bit lower than consensus expectations on the back of prion's expectation and negative gdp report, a could actually put a fair amount of volatility back in
and bacteria proliferate. ♪ protect your mouth, with fixodent. the adhesive helps create a food seal defense for a clean mouth and kills bacteria for fresh breath. ♪ fixodent, and forget it. ♪ >> don't just stand there, do something. that has been one of the major themes we think will play out in 2013. companies taking forceful action to unlock value. already we have are had our first success with the potential break up of hess one i've told you could happen. this oil and gas company which is now the subject of a proxy fight has vaulted ten points on the news. and i think the stock could go higher if the company gets sold. remember, hess has some of the best oil that is out there. i think it deserves to trade back at the helpful that stood two years ago up 18 points from where it stood now. so, i believe it is worth going overall the other don't just stand there, do something ideas that i had there on the show. first, the most recent is aliant systems. the niche includes precision weapons systems but it is known as a bullet maker. it would be the envy of any defense contract maker that w
defensive and called it a smear. he thought motorola and google were trying to undermine him. and he used some pretty rough language. he said, you know, the f bomb, this is not worth fighting. he said there was only 1% of customers and all this and that, is, you know, the fact that they had some problems with the maps, and the iphone 5. any innovative company has setbacks like this, simon. >> jeff, one question, though. you teach management. so when you have young kids learning business management at yale, do you tell them that when they run a business one day, they should have a third of their market cap in cash? is that a smart way to run a business? >> you know, when you are in this volatile of a business, it's unusual. it's an extraordinary amount of cash. yes, there certainly is a lot of speculation about there being some sort of dividend opportunity. but there also could be amazing opportunities for acquisitions. you know, you have a non-visionary ceo, people love to draw the parallels to edison and steve jobs. does anybody watching this show have any idea of who folded i son, who b
was because defense spending went down so far. the reason everybody was wound up about the fiscal cliff was too quickly cuts in deficit jam us into recession. that's a widely publicized finding from cbo to independent analyst. your guy's formula is for a 2013 recession. i know you like spending cuts. this isn't the time. >> james -- >> when is the time? >> right. who are the keynesians? as much as i respect jared we tried it in 2009 and 2010. >> it helped a lot. >> it didn't work. that's why this is the lowest recovery on record. >> americans understand every dollar will be taken at some point from them in taxes or inflation. >> what do you think is going on in europe? >> they are in private risk taking and people willing to invest. >> what do you think is going on in europe. >> before e we said how great the economy was in the fourth quarter, yes, amid the bad news it was a bright spot. but the great income number, a lot of it was because of the tax trap the president demanded with income getting pulled into the fourth quarter. >> this is a great point. i want to close on this point. t
the way that we see portfolios rotate sg towards recovery. so we have been focused last year on defenses, which is obviously served very well. but actually, they can't reach expensive levels. so instead, it's about looking to where the growth can come through. and laggard. for example, if you look at something like the technology sector, in that in between stage where you can get strong companies with sorid cash flows, you have that growth coming forward, as well. >> let's get out to jerry. let's run through these companies. shell stock, like saying shell shares, down this morning. where do we go? what do investors think? >> yeah. it was a sort of headline myth, actually, in the last couple of days. the two to three-day movement fairly flat. so i think just negative headlines today, a bit of profit taking after a good run up, probably in the medium term, a further leg up for shell shares. >> everyone has -- >> it's not easy. >> shell shares, say shell shares. diagio, look, throws off a lot of cash, joe, and they have emerging market growth. >> yeah. ee mermging market growth is key and i
that i had there on the show. first, the most recent is aliant systems. the defense contractor's niche includes precision weapons systems but it is primarily known as a bullet maker. it would be the envy of any defense contractor that would be hurt by the budget cuts. the news here. last night ollen, a chemical company, reported a decent quarter. the winchester ammunition division said sales were strong. ammo sales spiked saturday before the presidential election and have continued strong in the first quarter. next we recommend that the house of manitowoc, divided between food service equipment and cranes, cannot stand. to me, the reaction to the streets to caterpillar's earnings and the sharply better than expected numbers from united rentals, with equipment used for construction tells me that is indeed worth the price of the equipment. suggests to me that the industry has too much value in it to not be unlocked by manitowoc or a motivated suitor. let's not forget the run by kitchen equipment maker, middlebee, when they purchased the viking range business. the company could easily aff
see a sharp drop in federal defense spending and big inventory swing. those are factors that caused us to have a small negative gdp growth last quarter. i think particularly the federal defense spending is a harbinger of what might happen if the sequester takes effect. the cuts that no one wants to see happen, would restrain government activity, would be harmful for the economy. we'd like to have a smarter approach to relieve the sequester. >> so finally, in your view, was that just a taste of what another sequester could be like? >> well, as you know, the sequester hasn't started. and we have made proposals to congress to eliminate the sequester. the sequester can certainly have a significant impact on the economy. what we saw in the fourth quarter gdp report was just a big effect on defense spending. >> right. >> possibly advanced planning because of sequester by private contractors and other factors going on. the sequester would also affect nondefense spending, and that could also have a significant impact op the economy. >> dr. krueger, appreciate your time on a busy day, for you a
and defense spending over the next two years will happen since democrats haven't offered alternatives to gop proposals. but ryan says no one is tuking about allowing an actual government shutdown. >> we are more than happy to keep spending at those levels going on into the future while we debate how to balance the budget, how to grow the economy. that's the kind of debate the country desevens. by the way, if we keep going down this path, we will have a debt crisis. it's not an if question, it's a when question. >> i remember him, alternativest young congressman from wisconsin that used to come on "squawk box." >> still fighting budget balthsds. >> if he's going to go on somewhere, at least he went on with david. congress must pass a stopgap spending bill by march 27th to keep the u.s. government running. and don't do that with your sneezes. >> what was that? i held it in. >> that's like -- >> i've been trying to hold it in because you were talking. >> no, no, it's going to come out. that's bad for you. something inside is going to pop or something. like an anneurism. it's bad to be repressed
, defensible barrier to entry and highly visible earnings streams. that can thrive in almost any market. next up, intercept pharma. icpt, this is an orphan drug developer. you know how much we like the orphan biz. develops treatments for chronic liver diseases, the lead drug had very strong data and a large market opportunity. but, again, this is an example of a company with growth that's protected and predictable. at least as predictable as a business that's hostage to the fda can be. when it became public in october and is now giving you a total of 128% for 2012. i find these returns staggering. staggering because you think that no one's making any money in the market and then you hear about this. here's one, same symbol as the old national semiconductor, nation star mortgage holdings. largest specialty mortgage servicer in the country also mortgage originator. this housing rebound play was another slow and steady name. it popped just 1.4% on the trading when it opened last march. can you imagine that only up 1.4%. then it went on to roar in the aftermarket. rally that continues to this day
proliferate. ♪ protect your mouth, with fixodent. the adhesive helps create a food seal defense for a clean mouth and kills bacteria for fresh breath. ♪ fixodent, and forget it. makes it easy for anne to manage her finances when she's on the go. even when she's not going anywhere. citibank for ipad. easier banking. standard at citibank. okay. [ male announcer ] with citibank's popmoney, dan can easily send money by email right from his citibank account. nice job ben. [ male announcer ] next up, the gutters. citibank popmoney. easier banking. standard at citibank. >>> people always want help when the market sells off. they want me to tell them what to do to validate their fear, stocks get hammered, investors freak out. they panic. or at the very least they seem to want to panic. they want to be this guy. many don't know what's going wrong. few can easily handle the trauma of big losses. and almost everybody wants some expert to help them figure out the next move. i don't blame them. but you know in all my 31 years in the business, i can't recall a single time where somebody came up to me a
more. phil. >> tyler, you have to watch the defense side of the business with boeing. it gets half its earnings from the defense side of the business. here is what the street is expecting from boeing. these numbers, most people are saying this is important but it's really the guidance. that's what we're going to be focused on, under the circumstances past eps the other aspect of the commercial airline gets attention, 737, this is the workhorse for boeing. increased production to 38 a month starting this quarter. as you go into building the the third 737 assembly line in renton, washington, that's going to get a lot of tension particularly because they have the 737 max in development. this is the future workhorse for boeing. they already have a backlog of more than 1,000 orders. it is expected to enter service in 2017. this is the next launch they have to make a smooth launch over the next three years. as you take a look at this stock chart or last month, sue and tyler, i thought this was fascinating. the parent of airbus up 20%, shares of boeing not surprising given dreamliner problems
is on the defensive after allegations that its top property markets received secret payments on a regular basis since 1997. spanish conservative is deny the allegations and have threatened to sue the newspaper that published photos of the secret accounts. a new order into his finances has been called and an emergency hearing is set to take place on saturday. the prime minister is expected to announce his first stimulus package as early as today. as the recession in spain continues to deepen, more than 25% of spanish laborers are unmroit. joining us now, nickace spirro. despite the continued woes of the spanish economy, pmis have bounced slightly off their lows this morning. despite the fundamentals, you look at the bund market and there's enormous difference in sentiment. is that still going to happen because of differing yields between spanish yields and german yields? >> i would expect it to. spain in the markets right now are existing almost in the powder worlds. there is a striking disconnect between -- between sentiment and fundamentals. certainly, i think one of the most glaring examples of the
, with fixodent. the adhesive helps create a food seal defense for a clean mouth and kills bacteria for fresh breath. ♪ fixodent, and forget it. >>> today research in motion >>> welcome back to "squawk box." i'm phil lebeau. fourth quarter earnings coming in above estimates, boeing reporting a profit of a buck 22 a share. revenues coming in as expected at $22.3 billion. the interesting part of this earnings report, the forecast for 2013, on the commercial airplane business the company says it expects to deliver between 635 and 645 airplanes including at least 60 787 dreamliners in 2013 with the question whether or not it will have to change its production schedule, boeing says it assuming no significant impact fromheurrent f araa directive. in order, at this point they are not changing their production schedule, currently building five dream liners per month and planning to get to 10 by the end of this year and not changing the production schedule. they're basically stripping out pension costs volatile. when you look at core earnings, boeing is up 9% for the year and don't forget the confer
are favo. it should be a great game. you've got two of the best defenses -- two best teams, but probably the best two defenses in the nfl. >> appreciate it. best of luck with your draft choices, and next year, too. >> thanks. i appreciate it. >> okay. coming up, stocks on the move ahead of the opening bell. we're going to talk more with jim cramer after the break. calls to generate income? with fidelity's new options platform, we've completely integrated every step of the process, making it easier to try filters and strategies... to get a list of equity options... evaluate them with our p&l calculator... and execute faster with our more intuitive trade ticket. i'm greg stevens and i helped create fidelity's options platform. it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. ♪ let's go. ♪ ♪ ♪ [ male announcer ] introducing the all-new cadillac xts... another big night on the town, eh? ...and the return of life lived large. ♪ >>> welcome back to "squawk box," everyone. jim, we're watching several companies w
. health care. health care's a defensive name. so you got people who are buying into the -- >> it's a political name now. >> -- and hiding out in a deferencive name. to me there's a lot of room for rotating. deferencive health ca-- >> how much does the data matter? we're going to get a jobs report on friday. how closely are the markets going to be watching that? because the fed factors into that too. >> just like the durable goods number this morning, that will be further confirmation of an improving u.s. economy and will add fuel to the fire. the economic numbers matter tremendously. the global growth story is what the story is. >> sure. but the point is if the data's bad it means the fed's going to stick around longer. >> i think they have more downside risk at this point. >> tails you win, heads you win too. i don't subscribe to that by the way. >> if there's a really positive move in the data, i would be impressed. i think we have more down risk with that. flat or lower expectations. and that would be a problem. at the end of the day -- health care, i think you've got to be mi
seal defense for a clean mouth and kills bacteria for fresh breath. ♪ fixodent, and forget it. >>> with the s&p above its key 1,500 level and the dow approaching 14,000, many are questioning how much higher can these averages run, and how can you keep making money when the market decides to take a breather much like it did today? the answer, my friends is diversification. this market may have you excited. it's a terrific place to be right now. but it's vital that you don't keep all your eggs in one basket no matter what. and that's why we play, "am i diversified." this is where you call me, tell me your top five holdings, and i tell you if your portfolio is diversified enough. let's start with a tweet from @dirkfall, who writes my from 90 to 120 list, berkshire hathaway, vmware, celgene, caterpillar, deere, would i be diversified? let's go to work here. berkshire itself is a diversified company. caterpillar, machinery. vm ware, software. deere, machinery, okay, come back, celgene, drugs, yes, we're going to have to get rid of deere if we keep c.a.t., it's too similar, they do
your mouth, with fixodent. the adhesive helps create a food seal defense for a clean mouth and kills bacteria for fresh breath. ♪ fixodent, and forget it.
participation. look at the retail fund flows. managers have had a lot of defense in the portfolios and a lot of cash, and they don't want to miss it and fall behind early in the-year. there's chasing, and we don't want to get carried away with that. >> you like the u.s. still. said we'd hit new highs. do i want to be exposed around the world, talking about the hot sprts, the brics, emerging markets, where do we stand? >> long-term answer, lock up money for five years, go the places they are going to grow, u.s. and the emerging markets. japan a europe is getting a bit of a rally because they are doing things cyclically and japan is trying as well, but not with my clients' money. i want to stick with a cyclical storey. >> sell more than an idea if you want me to put money in europe. things are troubled there, no in. >> totally agree. i want to be underweight. somebody else's money is going there. i think ecb will lower rates some more, and i think the financial stresses will ease, but europe is in a recession. hopefully they come out of that by the end of this year. >> good stuff. bob, always
. this last quarter was low, but mine us 0.1% because of defense reduction. other parts of the economy are doing well, especially the consumer. >> let's talk about what took us here. bank of america doing very well, verizon, at&t. you had the financials and the telecom stocks as the leadership groups. merck was down 2%. exxon down. three dow stocks were actually down. what happened there and what are you seeing at the end of the kay? >> finally seeing the laggards catching up and telecoms have done okay during this period, but i think what uruguay seeing is the overall economic data with the exception of the weaker gkp number. all the other data was very strong and all the companies are pulling up with that. >> and then with that, swing it around, what happened there. dts. what happened to that today? so hyped, right, warren? >> we're right at the 14,000 line right now. the dow jones industrial average has just dipped below 14,000, so remains to be seen. we have two minutes to go here to find out if we'll close above it. if you don't have leadership or you don't have participation in t
to cut defense. some of them actually are willing to do that. you are, i guess. but i mean, i think that's really the issue. the reason why they constructed this is so it would hurt everybody. i don't think it's a good idea. but my whole philosophy is i don't think the deficit is our top issue. i think if you're really concerned about the deficit we should have gone over the fiscal cliff and cut the deficit that way. but if you aren't concerned about the deficit, if you think job growth is the most important thing and growth in general, then i don't think you should either cut taxes -- i don't think you should raise taxes or cut spending right now. i think you should focus just on stimulus. >> what they should do is slash across the board all these goofy departments, just really rip into them. and along with that pro-growth tax reform. especially pro-growth business tax reform. and then you'll have the kind of growth that keith is talking about that would actually solve the financial position. >> keith wants growth in general. i don't want growth in general. i want private sector growth.
with big picture economic factors. when the economy is heating up, the defense of consumer staple stocks usually it is out the big rallies in more cyclical names. those who do better in an improving economy. we don't care about blame. we care about winning. and stocks that can't hunt, stocks that cannot win even in a major rally, those are stocks that you need to think twice about owning. here's the bottom line. after a major short term rally, you want to do some trimming of those big winners. pare back your momentum names and last but not least, please sell the losers that got left behind. [ indistinct shouting ] >>> you're watching the "mad money" rally playbook where i'm teaching you the best advantages to take advantage of a market that's up big over a short period of time. let's just say you're tuning in and i'm wounded by the cold shoulder you have shown me. i know you did it as an attempt to hurt my feelings. it worked. i hope you're happy. tv personalities we have feelings too. but let me go back to business. most of my rally playbook has been about what you can do to benefit fro
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committee chairman paul ryan says the sequester which will cut about 1.2 trillion in domestic and defense spending over the years will happen because they haven't offered gop alternative proposals. congress passed a stopgap spending bill by 2027. >> we are more than happy to keep spending at those levels going on into the future while we debate how to balance the budge, how to grow the economy, how to create opportunity. that's the kind of debate the country deserves. by the way, if we keep going down this path, we will have a debt crisis. it's not an if question, it's a when question. >> joining us now is tony fratto, former treasury secretary, he's in paris this morning. tony, what brings you to paris? >> i have some meetings here on my way back from davos, kelly. we missed you in davos with the rest of the team there. >> i know. i wonder if they didn't send you over there to try and get a read as to why the french wanted the british to leave the eu or something. >> i'll take some informal polling on the street. >> could you please, we appreciate that. in the meantime, let's talk about
, and it was defense and inventories that took out 2.5. and that's how you got the flatter minus one tenth number. if you look at demand, consumption accelerated, cap-ex accelerated, housing accelerated. inventories fell because businesses didn't expect it. so gdp is a measure of output. and that sets you up for the first quarter. unfortunately in the first quarter the negative is the payroll tax increase. we're looking at 1.5, incidentally when you average q3 and q4 it's 1.5. i don't think it meant that much really one way or the other. obviously 1.5 is not great. >> no. but you remain bullish on stocks. >> right. >> and developed markets. >> yep. >> but now you like europe and japan better than the u.s. but if you're an investor here and you're not inclined to go to europe or japan you can still do okay if you invest in the s&p? >> i'd say you stick with it. i mean i think a few things, one, despite the gdp number global growth is picking up, q2 and q3 were a lot weaker. things are turning. you're seeing this in the purchasing manager indices, employment is a little bit better although we'll se
. that's a change of the change. and then the defense piece which seemed to have some anomalies towards the end of the year, so i don't think that's so much of an issue. i'm kind of where austin is. if you look at the year over year gdp growth it's 1.5%. the year over year kind of smooths out some of those volatility issues. that's below trend. i guess right now, trend growth, gdp probably around 2%. it seems like when we're hitting two we were getting jobs numbers in the 150 to 170 range. so we're probably a little below that right now. >> i think trend is probably still 2%, 2.5%. when all the data come in, come out. the key thing in this report is the benchmark revisions. once a year, the bls benchmarks this survey based data. actual employment counts for unemployment insurance records. >> you mean rather than the political -- >> rather than -- >> this is -- this is a pure count of jobs based on the actual tax related -- >> actual number. we know of march that's going to be revised by 400 k. it's likely to revise the whole rates of growth since then. >> i want to stop you there. becau
quarter gdp number. the drop in federal defense spending is likely due to the fears of the automatic spending cuts that have been looming in the fourth quarter as congress was dealing with the fiscal cliff issues. the white house also saying economic indicators can be volatile. similar to what jim has said, this could be a one off. we'll bring you more commentary as that comes across. carl? >> melissa, thanks. in the meantime, there is irony in the fact that r.i.m.'s blackberry 10 launch is taking place in the city named the big apple. up next, what's at stake for r.i.m. as we count down to the big unveiling. as we go to break, look at this morning's early movers. we'll be right back. >>> a mock video made squarely at developers, trying to convince them a new device was on the way and a new operating system. four months later we're in new york city, jon fortt and i talking about the launch of the blackberry 10, which will happen in the next 15 minutes. good morning to you. >> good morning. >> we've had discussions this morning about how it behoove them to lower expectations. >> yes,
. we talk sequester here, it looks to me like we're asking a program defense that gets about 20% of all the budget to take about half the cuts. now, as wild as that sounds, you need to start somewhere, and it's never going to be an easy process. are you for the sequester as it currently stands, if that's all the spending cuts that you're going to be able to put on the table? >> i would much prefer to find a more reasonable way to do it. doing across the board cuts is the wrong way. if this is the only way question get the president and the senate to agree to reducing spending it's all we've got so at this point the worst thing that can happen we continue to spend out of control and have no plan to bring it down. if this is the only option we have, it's the only option we have. >> is there a cohesiveness with the republican party, the fiscal conservatives they'll walk this all the way through to the end? do you see any surprises and how do you think the president and the opposing party, the democrats, will respond to the strategy of sequesters? >> a lot of you get a chance to check this
switching from the pc would arrive at. and therefore, it almost looks defensive, apple, that they should come in and match where microsoft is with its range. >> interesting. david, we talked about this, it appears to be framed in more of an industrial -- >> yeah, they need to view film, presentations. this is an ipad. 128 gigs. >> that's a lot of memory. >> think of all the movies you can store on that baby, right? >> yeah. >> his eyes light up. >> study film for the next big football games. >> that's a key market. huge growing market, football. let's bring in jon for this. is this the mead dl mover? >> maybe a little bit of a needle mover. i think the most important thing is, apple is probably still the top buyer of manned flash in the world. so when they add a high-end, you know, like this that has a bunch of flash, it's really added to their margins, which i think investors would be interested in. not clear exactly what percentage of the ipad buyers go for that higher end skew. but there are some people out there who just say, give me the nicest one you have. in this case when people
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